Asia FX muted, dollar weakens slightly ahead of Fed rate decision
RENO, NV—NFiniTi inc. (the "Company"), a $129.4 million market cap enterprise currently trading at $28.29, announced today the completion of a significant transaction involving its wholly owned subsidiary, NFiniTi 2 Inc., and Metavox Holdings LLC ("Metavox"), a web3 initiative focused on developing a Metaverse platform. According to InvestingPro data, the company’s stock has seen a -8.8% return over the past six months. The deal, finalized on Monday, involves a share exchange agreement and the issuance of a convertible promissory note by the Company.
Under the terms of the share exchange agreement, NFiniTi 2 Inc. has acquired all issued and outstanding membership interests of Metavox. In return, the subsidiary issued 90% of its total equity to Metavox’s members, who are accredited investors, while the remaining 10% was issued to the Company as a dividend. Metavox will continue to operate as a wholly owned subsidiary of NFiniTi 2 Inc., with a new board of directors comprising three members with web3 or blockchain expertise from Metavox and two designated by the Company.
The transaction also included the Company’s issuance of a $500,000 convertible promissory note to the subsidiary, with an original issue discount of 50%, resulting in a funding amount of $250,000. The note, bearing a 15% annual interest rate and maturing on May 20, 2027, is convertible into the Company’s common stock at a 25% discount to the lowest average daily trading price over the 30 trading days prior to conversion. The conversion is subject to a 4.99% beneficial ownership limitation, which can be increased to 9.99% with prior notice.
This strategic acquisition marks the Company’s diversification into the web3 and fintech technology sector, aligning with its broader strategy to expand into new industries. Metavox’s platform, built on Unreal Engine 5 and integrating blockchain technology, aims to offer immersive virtual experiences and digital real estate sales, with a revenue model that includes advertising, transaction fees, and in-game asset purchases.
The Company, previously engaged in the production of ready-to-drink alcoholic beverages through its subsidiary Artisan Beverages Inc., has diversified its operations with this acquisition. The transaction reflects NFiniTi inc.’s ongoing strategy to enhance shareholder value by entering new and innovative market segments. InvestingPro analysis reveals a FAIR overall financial health score of 2.34, with additional insights available to subscribers.
The equity interests issued in connection with the acquisition were offered in a private transaction exempt from registration under the Securities Act of 1933. The Company has ceased to be a shell company as of February 10, 2025, following a reverse acquisition of Artisan Beverages, Inc., and remains a pre-revenue operating company.
Further financial details regarding Metavox Holdings LLC will be provided in an amendment to this Form 8-K no later than August 1, 2025. The information in this article is based on a press release statement. InvestingPro analysis highlights some challenges, including weak gross profit margins and poor free cash flow yield, with subscribers having access to over 30 additional financial metrics and insights.
In other recent news, NFiniTi Inc. has made significant strides in its business operations. The company has acquired CyberSyn LLC, a fintech firm specializing in cryptocurrency exchange development, through a Share Exchange Agreement. This acquisition allows CyberSyn to operate as a wholly owned subsidiary of NFiniTi 1 Inc., a move that marks NFiniTi’s expansion into the fintech sector. Additionally, NFiniTi has secured a $20 million equity line of credit with RH2 Equity Partners, providing the company with flexible capital-raising options over the next two years. Moreover, NFiniTi issued a $1 million Convertible Promissory Note to RH2 Equity Partners, which carries an interest rate of 15% per annum and matures in May 2026. The note allows for conversion into NFiniTi’s common stock under specific conditions. These developments align with NFiniTi’s strategy to diversify its operations and enhance shareholder value. Meanwhile, Value Exchange International has been delisted from the OTCQB marketplace due to delayed financial filings, moving to the OTC Pink Limited Information market. SafeSpace Global Corporation has announced a corporate rebranding, changing its name from Healthcare Integrated Technologies Inc. to reflect its focus on AI technology.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.